Global law firm White & Case LLP has advised Deutsche Bank on the interim construction financing of a portfolio of seven solar parks in South West England and Wales, which were subsequently successfully refinanced by way of a project bond.

Deutsche Bank had initially provided finance for the purchase of the solar parks from several developers as well as their construction, for which long term compensation was secured via the ROC (Renewables Obligation Certificates) system.

Following their completion, the solar parks were sold to SDAX-listed Capital Stage AG, with the corresponding interim construction finance being replaced by long term funding via project bonds in the form of senior secured notes. The sole subscriber of the bonds is the British asset manager Legal & General Investment Management on behalf of institutional investors.